New Broadridge Offerings Aim at DOL Compliance

Broadridge Financial Solutions announced a new suite of
technology driven solutions to help the investment community solve several of
the most pressing challenges associated with the upcoming U.S. Department of
Labor (DOL) Conflict of Interest Rule.

The new offerings include DOL Fiduciary Solutions, DOL
Customer Communications, and DOL Compliance Reporting. Each, according to
Broadridge, can help firms “validate, communicate and comply with the new
rules, which
take effect April 10, 2017.”

The firm, like many others, is arguing new the DOL rule is one
of the biggest
regulatory events facing the financial industry for decades. It will expand
the definition of Employee Retirement Income Security Act (ERISA) fiduciary
investment advice and apply a “best interest” standard to a much broader
range of investment services, including retirement investment advice and
certain individual retirement account (IRA) rollover recommendations.

“Forward thinking firms are using the new rule as an
opportunity to further engage customers and deepen relationships through new
technologies,” adds Andrew Besheer, product lead for the new suite of
solutions. “Helping fiduciaries meet disclosure obligations can provide an
additional communications touchpoint to add
transparency and clarity to point-of-sale transactions, and strengthen
customer relationships, while improving firm-wide operations.”

In terms of specific
capabilities, Broadridge’s DOL Fiduciary Solutions, built on the firm’s
FundPOINT data, can help financial advisers and firms make investment
recommendations that meet fiduciary standards. Using the tool to evaluate and
validate their mutual fund sell list, advisers can “see that the funds and
share classes on broker/dealer and other distributor platforms are suitable for
specific clients.” Additionally, firms can equip advisers with self-service
tools to distribute contract, notification and disclosure documents, among
other aggregation capabilities.

The second new component, Broadridge’s DOL Fiduciary Solutions tool, can help financial
advisers and firms make investment recommendations that meet fiduciary
standards. Using the tool to evaluate and validate their mutual fund sell list,
advisers can see that the funds and share classes on broker/dealer and other
distributor platforms are suitable for specific clients.

Finally, Broadridge’s
DOL Customer Communications solution leverages Broadridge’s “existing
communications connectivity across the breadth of the financial services
industry to allow for composition, multi-channel print or digital delivery, as
well as tracking and archival capabilities for compliance.”